Accounting Articles Bermuda Featured Insurance Switzerland USAOctober 31, 2003

    Andersen chaos causes delay in $10 million payments

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    16 years ago

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    Accounting Bermuda Insurance Switzerland USA

    Keywords

    American Re-Insurance Co. Andersen Worldwide SC Arthur Andersen Gerling-Konzern Allgemeine Versicherungs-AktienGesellschaft Gulf Underwriters Insurance Company (UK) Ltd.
    Liberty Mutual Insurance Company (UK) Ltd. Lumbermans Mutual Casualty Co. National Union Fire Insurance Company of Pittsburgh Nutmeg Insurance Company Professional Asset Indemnity, Ltd. Professional Services Insurance Company Ltd. Robert Simon Childs Starr Excess Liability Insurance International Ltd. XL Europe Ltd.
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    The Arthur Andersen group is in such structural chaos that a Bermuda-based mutual insurer for accounting firms has more than $10 million to pay out but does not know where to send it.Professional Asset Indemnity Ltd., of Bermuda, and its wholly-owned subsidiary, PAIL Vermont Insurance Company, of Vermont, is so confused that it has taken the matter to court.